货币政策、土地持有与企业融资

Monetary Policy,Land Holding and Corporate Financing

中国的经济仍然处于发展阶段,金融系统不发达,金融体系中由于机构设置、信息不透明等原因存在摩擦。同时,我国房地产市场经历了飞速发展,房地产价格攀升,市场对房地产价格有较强的增长预期。本文通过对中国工业企业数据和中国土地交易数据两个微观数据库的实证研究,为货币冲击向实体微观企业的异质性和不对称性传导提供了实证证据。首先,相较不持有土地的工业企业,持有土地抵押物的工业企业可以获得更低成本的融资,这是货币冲击传导的异质性;其次,货币宽松时,工业企业的融资成本顺周期降低,持有土地抵押物的企业相较不持有土地的企业融资成本更低;而在货币紧缩时,当企业的整体融资成本提高,持有土地抵押物的企业出现逆周期调整,获得了更低的融资成本,这是货币冲击传导的不对称性。

China’s economy is still under development,and its financial system is underdeveloped.At the same time,China’s real estate market has experienced rapid growth,real estate prices climbed,and the market’s expectation for real estate prices has been strong.This paper provides empirical evidence for the heterogeneity and asymmetry in the transmission of monetary shock to micro enterprises through empirical analysis on an unique merged dataset of Chinese industrial enterprises data and Chinese land transaction data.First,compared with industrial enterprises that do not hold land,industrial enterprises holding land as col-lateral can obtain credit with lower interest rate,which I denote as the heterogeneity in the monetary transmission.Secondly,when monetary easing occurs,the financing cost of industrial enterprises decreases in a pro-cyclical way.The financing cost of landholding enterprises is lower than that of enterprises without land.In the case of monetary tightening,when the financing cost of industrial enterprises increases as a whole,the interest rate of landholding firms make countercyclical adjustment and obtain debt with lower rate,which is denoted as the asymmetry in the monetary transmission.